U.S. Movers: Conn

Mukesh Buch
03 Apr, 2012
New York City

Conn

[R]11:20 AM New York – Conn’s swung to profit in fourth quarter and increased earnings guidance for fiscal 2013. Molson Coors agreed to buy Eastern Europe focused StarBev L.P for $3.54 billion. Royal Bank of Canada acquired remaining 50% stake of RBC Dexia Investor Services for C$1.1 billion in cash.[/R]

Conn’s, Inc. ((CONN)) soared 19.1% or $3.16 to $19.65 after the specialty retailer reported fourth quarter total revenue rose 3.7% to $226.7 million from $218.7 million in the same quarter last year. Same store sales increased 12.1%. Net income in the quarter swung to $7.7 million or 24 cents per diluted share compared to net loss of $3.6 million or 12 cents per share in the year ago earlier.

For 2011 total revenue decreased to $792.3 million from $808.8 million in last year. Net loss for the year widened to $3.72 million or 12 cents per diluted share compared to $1.07 million or 4 cents per share in the prior year.

Comverse Technology, Inc. ((CMVT)) dropped 4.6% or 32 cents to $6.53 after the holding company reported fourth quarter revenue slipped 6% to $405.5 million from $430.8 million in the same quarter last year. Net income in the quarter declined 71% to $4.5 million or 2 cents per diluted share compared to $15.4 million or 7 cents per share in the year ago period.

For 2011 total revenue fell to $1.59 billion from $1.62 billion in last year. Net loss for the year narrowed to $58.7 million or 28 cents per diluted share compared to $132.3 million or 65 cents per share in the prior year.

International Speedway Corporation ((ISCA)) fell 11 cents to $28.24 after the motor sports entertainment reported first quarter revenue decreased to $127.4 million from $148.7 million in the same quarter last year. Net income in the quarter dropped to $17.1 million or 37 cents per diluted share compared to $21.4 million or 45 cents per share in the year ago.

Lifeway Foods, Inc. ((LWAY)) decreased 3.1% or 29 to $8.90 after the dairy food products maker said fourth quarter net sales increased 16% to $18.7 million from $16.1 million in the same quarter last year. Net loss in the quarter widened to $0.4 million or 2 cents per diluted share compared to $0.2 million or 1 cent per share in the year ago earlier.

Molson Coors Brewing Company ((TAP)) slumped 3.4% or $1.57 to $44.09 after the holding company agreed to acquire Amsterdam based StarBev L.P for $3.54 billion with operations in Central and Eastern Europe. Molson agreed to pay $3 billion in cash and additional $667 million in convertible debt.

The transaction is expected to close in the second quarter of 2012. StarBev will operate as a separate business within Molson and will remain headquartered in Czech Republic.

Royal Bank of Canada ((RY)) decreased 2.5% or $1.49 to $57.70 after the Canada based bank agreed to acquire remaining 50% stake of RBC Dexia Investor Services Limited from Banque Internationale à Luxembourg S. A. for C$1.1 billion in cash. The transaction is expected to close in mid of 2012.

The Pep Boys-Manny, Moe & Jack ((PBY)) rose 2 cents to $14.95 after the automotive service provider reported fourth quarter sales grew 5.9% to $505.3 million from $477.4 million in the same quarter last year. Net loss in the quarter swung to $4.4 million or 8 cents per diluted share compared to net earnings of $8.4 million or 16 cents per share in the year ago.

For 2011 net sales rose 3.8% to $2.06 billion from $1.99 billion in last year. Net earnings for the year fell to $28.9 million or 54 cents per diluted share compared to $36.6 million or 69 cents per share in the prior year.

Zillow, Inc. ((Z)) gained 2.4% or 92 cents to $37.94 after the real estate information provider renewed advertising deal with Yahoo.